Keyboard encryption protection

My Logitech keyboard has a feature to 'securely encrypt the keyboard'.
I assume however that this is only effective when there are other computers on a local network, and that it provides no protection against keylogger malware. Is this correct ?

My Logitech keyboard has a feature to 'securely encrypt the keyboard'.
I assume however that this is only effective when there are other computers on a local network, and that it provides no protection against keylogger malware. Is this correct ?